Daily Forex Update: USD/JPY

USD/JPY continues to rise inside the Clear Down Channel pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Down Channel at the 7 bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars), and significant Clarity (7 bars). High Initial Trend reflects the strength of the previous upward from the middle of 2016. USD/JPY expected to rise further inside this Down Channel, which is also indicated by the analysis shown below.

As can be seen from the chart below, Autochartist also recently identified the Key Resistance level 115.6220 (of the type Approach) on the daily USD/JPY charts. Autochartist measures the Significance of this key level at the 3 bar level – which is the result of the three recent price reversals from this price level. The presence of the twodifferent-type daily chart patterns aligned in one direction increases the probability USD/JPY will continue to rise in the coming trading sessions.

As can be seen from the chart below, Autochartist also recently identified the Key Resistance level 115.6220 (of the type Approach) on the daily USD/JPY charts. Autochartist measures the Significance of this key level at the 3 bar level – which is the result of the three recent price reversals from this price level. The presence of the twodifferent-type daily chart patterns aligned in one direction increases the probability USD/JPY will continue to rise in the coming trading sessions.